Bylaw No. 1004, 2021 Industrial Park Revitalization Tax Exemption Bylaw
What this bylaw is for
The bylaw text
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TOWN OF PRINCETON
BYLAW 1004, 2021
INDUSTRIAL PARK REVITALIZATION TAX EXEMPTION BYLAW
A bylaw to create a revitalization tax exemption for the Princeton Industrial Park
WHEREAS Section 226 of the Community Charter allows Council t o adopt a bylaw for the purpose of encouraging revitalization in the municipality, provide tax exemptions for land or improvements or both. NOW THEREFORE, the Council of the Town of Princeton, in open meeting assembled, enacts as follows:
1. That this Bylaw be cited for all purposes as the “Town of Princeton Industrial Park
Revitalization Bylaw No. 1004, 2021”.
2. A revitalization tax exemption program for any tax levied under Section 197(1) of
the Community Charter is hereby established for the Town of Princeton: a. The reas ons for and objectives behind th is program are to encourage building of new improvements, promote economic prosperity for the businesses in the industrial park, foster the economic prosperity of the entire Town of Princeton, and attract job opportunities for residents. b. The program is intended to incentivize landowners within the industrial park to make improvements to property that, in the opinion of Council, lead to any or all of the following outcomes: i. Job opportunities; ii. Significant and measurable economic benefits to the residents of Town of Princeton; iii. Significant and measurable economic benefits to the commercial business sector of Town of Princeton; iv. Projects that lead to advancing the mission or visio n of the community but may not be of measurable economic gain. c. Council may approve or deny an exemption petition subject to any legal set of conditions it sees fit to ensure the objectives of the program are met. These include: i. Setting the minimum number of job opportunities; ii. Ensuring the financial viability of applicants to proceed with improvements to property by requesting financial statements or pro forma projections of future years; and iii. Setting a deadline for the completion of the build to qualify for the exemption after construction. d. As the reasons for and objectives behind this program is to encourage new improvements on land in the industrial park, no exemption under this program will be granted to any building in possession of an occupancy permit before Council is petitioned under Section 2(e)(i) of this bylaw. e. Eligible properties will qualify for tax exemptions to property value based on land and improvements for Class 05 (Light Industrial) . The landowners or their agents of the said properties must perform the following activities to qualify: i. Apply for this tax exemption by petitioning Council , in writi ng, and having Council, by resolution, approve the project for this program and enter into an agreement with the owner of a property stating any conditions or requirements of the tax exemption; ii. Apply for, receive and pay all building permits and developmen t permits for the Town of Princeton as necessary; iii. Complete and receive an occupancy permit for the construction of a building that furthers the reasons for and objectives behind the program; iv. Any additional requirements set by Council through their resolution for approval of the program are satisfied. f. Once the conditions as set by Council are and the requirements as set by this bylaw are satisfied, Council authorizes the Chief Administrative Officer or his designate to create and issue an exemption certificate. This certificate will include: i. The extent of the tax exemption; ii. The amount of the tax e xemption for the current year , and an estimate of future years; iii. The term of the tax exemption; iv. The conditions of which the tax exemption is provided if the conditions of the tax exemptions may impact exemptions claimed in future years; and v. The recapture amount that is payable if the exemption certificate is cancelled due to the failure to meet the conditions as described in the certificate. Amounts in a current year will be prorated and the calculation will be detailed on the certificate. The recapture amount will be calculated as the amount of tax exempted dated from the date of non-compliance with the program to the date the non-compliance was discovered, prorated daily and calculated with simple interest at the same percentage rate used for calculating outstanding interest on delinquent taxes. g. A new certificate will be reissued each year to landowners updating the terms in Section 2(f) of the bylaw and each year thereafter, until the exemption has been exhausted. h. The tax exemptions granted by this program will be applied to the year the building is completed and all the requirements of the program are satisfied if the requirements are completed by August 1 of the taxation year, otherwise the benefits will start in the subsequent year. The tax exemptions will be granted as follows: i. In the first year of tax exemption, the land and improvements of the subject property will be granted up to a 100% tax exemption. ii. In the second year of tax exemption, the land and improvements of the subject property will be granted up to an 80% tax exemption. iii. In the third year of tax exemption, the land and improvements of the subject property will be granted a up to a 60% tax exemption. iv. In the fourth year of tax exemption, the land and improvements of the subject property will be granted up to a 40% tax exemption. v. In the fifth and final year of tax exemption, the land and improvements of the subject property will be granted up to a 20% tax exemption. i. The maximum amount of tax exemption that will be applied under this program is the total amount of construction value declared to the Town of Princeton under the building permit application process. If the amount of tax exemptions exceeds the cost of construction, the tax exemption will be granted as per the schedule in section 2 (h) of this bylaw until the amount of exemption has been exhausted. j. The maximum term of the tax exemption will be five (5) years, as detailed under Section 2 (g) of this bylaw.
3. The properties that qualify for this program are listed under Appendix A of this
bylaw.
4. The following schedules are attached to and form part of this bylaw:
a. Schedule A, List of Eligible Properties READ A FIRST TIME THIS 6th day of April 2021. READ A SECOND TIME THIS 6th day of April 2021
ADVERTISED IN THE APRIL 15 TH, 2021 AND APRIL 22 ND, 2021 EDITIONS OF THE
SIMILKAMEEN SPOTLIGHT NEWSPAPER PURSUANT TO SECTION 227 OF THE
COMMUNITY CHARTER
COUNCIL CONSIDERED THE BYLAW IN CONJUNCTION WITH THE OBJECTIVES
AND P OLICIES SET OUT UNDER SECTION 165 (3.1) (C) OF THE COMMUNITY
CHARTER
READ A THIRD TIME THIS 7th day of June 2021 ADOPTED THIS 30th day of June 2021
Mayor Spencer Coyne DCO Carrie Kassa
Original signed by Mayor Coyne Original signed by DCO Kassa
Schedule A
List of Eligible Properties